The first half of 2016 has been a regular slugfest for Miami’s housing market, but the grass seems a bit greener for its neighbor to the north.
Broward’s 12 month history of condo sales
While sales in Miami-Dade continue their downward slope, Broward County saw a moderate uptick for both closed sales and prices during June, according to a new report from the Greater Fort Lauderdale Realtors association.
A total of 1,635 condos and townhomes were sold in Broward last month, marking a 4.4 percent jump in closed deals year-over-year. Single-family homes saw a slightly higher 4.8 percent jump in sales, coming out to 1,805 properties sold.
Although the numbers are by no means earth shattering, they’re a far cry from the market woes in Miami and Miami Beach. A second quarter report from brokerage Douglas Elliman showed sales fell as much as 24 percent, year-over-year in certain areas, signaling a market correction could be on its way.
12 month history of home sales
Back in Broward, housing prices continued their steady rise during June. The median price for condos and townhouses hit $149,250 last month, spiking by 10.4 percent year-over-year. Single-family homes had a more moderate price increase of 7.3 percent, standing at a median of $325,000 in June.
And the inventory pile-up that’s slowing down Miami-Dade was nowhere to be seen in Broward. Active inventory for single-family helps fell 10 percent to 5,490 properties in June, while condos saw a slight inventory uptick of 1.8 percent to 8,641 units. The past 12 months have been a constant squeeze on single-family housing inventory, according to the association, while new condos entering the market are starting to level out year-over-year after a significant influx that started in February.
While both sectors of the market grew during June, the association’s figures show Broward’s true strength is in its single-family homes. Dollar volume for home sales hit $682 million in June, more than double that of condo’s $307.8 million. And for the past 12 months, year-over-year home sales haven’t fallen once — something Broward’s more volatile condo market can’t boast.